Subzero Eurozone Yields Point to ECB Power, Problems

Lending money when it's a losing proposition from the start sounds like an odd thing to do. That's not stopping bond buyers in the eurozone government bond market.

Two-year yields on bonds from five countries—Germany, the Netherlands, Austria, Finland and Belgium—are in negative territory, according to data from Tradeweb. France briefly joined the negative-yield gang Monday, before rebounding into marginally positive territory Tuesday. Germany is leading the way: not only does its current benchmark two-year bond pay a...